Brian Gallagher Posted October 30, 2002 Posted October 30, 2002 can someone tell me where in the code it tells the timing of correcting (in this case, removing) excess annual additions (415 violations)? Remember: two wrongs don't make a right, but three rights make a left.
Brian Gallagher Posted October 30, 2002 Author Posted October 30, 2002 maybe i should elabotrate... when is the latest i can take out a 415 excess without running afoul of qualification issues? (i'm looking for a date similar to the date for adp/acp excesses--last day of plan year following the year in which the excess occurred) Remember: two wrongs don't make a right, but three rights make a left.
E as in ERISA Posted October 30, 2002 Posted October 30, 2002 There is no deadline. But as long as the money remains in the plan, it creates a qualification issue.
RCK Posted October 30, 2002 Posted October 30, 2002 I agree with Katherine. As I recall, the reason that there is not a date is because the IRS feels that you can't make contributions in excess of the 415 limit. So there's no deadline for returning them. RCK
MWeddell Posted October 31, 2002 Posted October 31, 2002 My opinion hasn't changed since this thread. I agree that there is no deadline. The IRS examination guidelines issued in June 2002 didn't state a deadline either. http://benefitslink.com/boards/index.php?showtopic=6844
Brian Gallagher Posted October 31, 2002 Author Posted October 31, 2002 thanks, all! just what i needed! Remember: two wrongs don't make a right, but three rights make a left.
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